The world’s first national digital coin could come to the decentralized public blockchain XRPL in 2022.
Ripple is a technology that works as the cryptocurrency XRP and a digital payment network for financial transactions. The company announced a partnership with Micronesia’s region Palau in the western Pacific Ocean.
The partnership will focus on developing strategies for cross-border payments and cryptocurrency adoption. Ripple plans to provide Palau with full support on implementing the first government-backed stablecoin.
“The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access,” said the President of Palau Surangel Whipps, Jr.
According to Ripple, the company is the leader in energy-efficient transactions and is experienced in blockchain technology and global payment systems. The XRP Ledger provides an open-source foundation to produce the most challenging projects without posing threats to the environment.
“We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country,” James Wallis, the Vice President of Ripple stated.
On The Flipside
- The price volatility of cryptocurrencies can cause issues for the citizens of Palau.
Why You Should Care?
XRP is the seventh most popular cryptocurrency, with over $56 billion in the market cap. Transactions through Ripple are settled within seconds and only cost minimal fees, compared to slow transactions and high fees charged by banks.
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